Posted Aug 9, 2013 by Martin Armstrong
The Euro on the cash reached 13359 yesterday and we our weekly resistance is 13357 for this week so a closing below that will warn that the euro may have reached a high 23 days up from the July 9th low (we are currently trading at 13341). Eventually, a weekly closing beneath 12800 will signal a drop back to 12100.
In gold we do not see anything major yet. The turning points appear to be Sept/Oct with choppiness ahead and the big turning point comes in January, A close above 2025 in silver will help for bounce into next week.
In the Dow, the critical support is at 14827-14805 and 14450. Break this area and a sharp drop to 13780 is likely. We still see September as turning point with volatility rising in October and November, subsiding for year-end, and then jumping again in March next year.